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Jan 29, 2013
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business people want lower spending and lower deficits and loafer taxes. isn't that true? phil, the confidence factor alone, we're not greece. that's going to help us. >> yeah, look, we've still got a tremendous amount of capital on the sidelines. we've essentially got a capital strike, business profits have been very high, but they're not being reinvested. and that's because of all of the uncertainty about this enormous federal government that we've got and whether we're going to get it under control or it's going to continue to have an ever increasing footprint that's going to crowd out the private economy. you've got long-term expectations that are playing into this. and i really think, larry, if they cancel even this small cut, even this $85 billion they say we can't possibly live with that, nobody will expect them to ever pass anything that reduces the size of government as a percent of the economy and as you pointed out correctly, that's the real cost of government for the private economy. >> that's it. that's the deal. dean baker, i just -- if you shrink, let's say
business people want lower spending and lower deficits and loafer taxes. isn't that true? phil, the confidence factor alone, we're not greece. that's going to help us. >> yeah, look, we've still got a tremendous amount of capital on the sidelines. we've essentially got a capital strike, business profits have been very high, but they're not being reinvested. and that's because of all of the uncertainty about this enormous federal government that we've got and whether we're going to get it...
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Jan 29, 2013
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should you solve the deficit with spending cuts. should spending cuts happen now, 59% later, only 2% say not at all. how about revenue increases? 16% say now, 30% say later. 53% say not at all. you can see a little more disagreement here but pretty good agreement on the overall concept. the deficit needs to be solved now. you need spending cuts now and don't do revenue. that's the way wall street wants this issue solved. they do see it as very, very important. want to show you the growth outlook and an important change when it comes to growth outlook. here is our survey, the last several findings of our survey for 2013 growth. 2.74, coming down, coming down. 1.91, down for seven straight times, now back up for the first time. 2.08. take a look what 2014 is. 2.56%. again, underneath that 3.2 number, potential growth has come down a little bit. they think 2.5, 2.25. bottom line, you need to go above that number to bring down the unemployment rate. i was interested as well, guys. there was no number in there actually 3.2%. >> i'm actua
should you solve the deficit with spending cuts. should spending cuts happen now, 59% later, only 2% say not at all. how about revenue increases? 16% say now, 30% say later. 53% say not at all. you can see a little more disagreement here but pretty good agreement on the overall concept. the deficit needs to be solved now. you need spending cuts now and don't do revenue. that's the way wall street wants this issue solved. they do see it as very, very important. want to show you the growth...
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Jan 29, 2013
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for the time being, spain has a deficit target of 4.5% for 2013. that seems to be really ambitious if not out of reach. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor market. >> it has to be complemented with policies to help the unemployed find new work or training opportunities. it's important for our financial sector to give credit so they can invest and create jobs. and it will be important to maintain the fiscal consolidation. >> and the stimulus measures are indeed on the agenda. the prime minister will make an announcement on the 20th of february with a package to boost the economy and help small and medium tax breaks. we know after austerity comes the time for stimulus. over to you. >> stephane, thanks for that. also to come, we're going to hear about ten coming bank of england governor about what
for the time being, spain has a deficit target of 4.5% for 2013. that seems to be really ambitious if not out of reach. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor market. >> it has to be complemented with policies to help the unemployed find...
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Jan 21, 2013
01/13
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i mean, america still has got to deal with its deficit. okay. we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in the private sector, which needs to be fluffed off. there's a deraef raejing that you've been seeing right across the western world is still going to go on, i think, for the best part of this decade. >> and we heard leading up to this election that rarely has a u.s. president been elected with such high levels of unemployment. what was different this time? >> oh, i think it had something to do with the candidate he was facing not being able to energize the public. but i also think, look, reflatio
i mean, america still has got to deal with its deficit. okay. we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there...
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Jan 29, 2013
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we asked, do you think we should solve the deficit problem, not at all? do we have a couple years to do so or should we do it urgently now? 80% of the 52 respondent we had that include economists and strategists and fund managers, they say we need to do this, and do it now. then, how should we do it? spending cuts. do we have time to do it? later. 38%, now, 59%. pretty unambiguous. there's a little bit more play when it comes to whether or not we should raise revenue. 53%, a clear majority say, we shouldn't raise revenue at all. but if you add up those who say we should raise revenue now and later it's 46%, so a little bit more disagreement there. but overall when you take the 80, the 59 and the 53, pretty clear three-point message from wall street to washington, let's just go over it again. fix the deficit now, do it with spending cuts, and don't do it by raising revenue. that's what the economists on wall street and the fund managers are telling washington right now. let's take a look at the next idea about the debt ceiling debate. i think this is a rea
we asked, do you think we should solve the deficit problem, not at all? do we have a couple years to do so or should we do it urgently now? 80% of the 52 respondent we had that include economists and strategists and fund managers, they say we need to do this, and do it now. then, how should we do it? spending cuts. do we have time to do it? later. 38%, now, 59%. pretty unambiguous. there's a little bit more play when it comes to whether or not we should raise revenue. 53%, a clear majority say,...
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Jan 23, 2013
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he said we are going to keep the deficits and raise tax rates on the rich. campaign city, here we go. i don't think this is specific. it was broad in general and appealed to a lot of universal themes. anyone watching that team will know that it wasn't ideal logical speech. it was an important speech. the is agenda was laid out in the presidential campaign. he won that. the american people voted for that. here, he was laying out the not very specific things he was going to do. but a vision for the country. he was dividing the gop. i don't think the president can take credit for the ambivalence that exists within the republican party. i mean how do you see this? >> there is no question you can't deny that obama wants to end the reagan era. but the second point is, can obama split the republican party? to some extent he did on the fiscal cliff vote. he has a lot of issues like this. immigration and gun control. to mark's point. the president went out there and tested what he believes is his vision. this first term was about being a sen trist and now he is not h
he said we are going to keep the deficits and raise tax rates on the rich. campaign city, here we go. i don't think this is specific. it was broad in general and appealed to a lot of universal themes. anyone watching that team will know that it wasn't ideal logical speech. it was an important speech. the is agenda was laid out in the presidential campaign. he won that. the american people voted for that. here, he was laying out the not very specific things he was going to do. but a vision for...
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Jan 21, 2013
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we must make the hard choices to reduce the chosts of health care and the size of our deficit. but we reject the belief that america must choose between caring for the generation that built this country and investing in the generation that will build its future. [ cheers and applause ] for we remember the lessons of our past when twilight years were spent in poverty and parents of a child with a disability had nowhere to turn. we do not believe that in this country freedom is reserved for the lucky or happiness for the few. we recognize that no matter how responsibly we live our lives, any one of us at any time may face a job loss or a sudden illness or a home swept away in a terrible storm. the commitments we make to each other through medicare and medicaid and social security, these things do not zap our initiative, they strengthen us. [ applause ] they do not make us a nation of takers, they free us to take the risks that make this country great. [ cheers and applause ] we, the people, still believe that our obligations as americans are not just to ourselves but to all poste
we must make the hard choices to reduce the chosts of health care and the size of our deficit. but we reject the belief that america must choose between caring for the generation that built this country and investing in the generation that will build its future. [ cheers and applause ] for we remember the lessons of our past when twilight years were spent in poverty and parents of a child with a disability had nowhere to turn. we do not believe that in this country freedom is reserved for the...
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Jan 29, 2013
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yeah, we're going to cut the deficit. yeah, we're going to do this but they don't do anything. >> i'm not really sure. what i do know is that watching this has just -- it seems like we're watching an accident in slow motion. there is no question that we have to put in place entitlement reform a chamging the tax code if we're going to have sustainable long-term economic xwroerkts and from where i sit that's the only thing that makes the math work. >> but the actions don't meet those words. everybody knows what the solution is, yet it doesn't seem as though there are elected officials, to borrow our own phrase from a few weeks back, doesn't seem like they are willing to rise above and do what people like you have told them to their faces needs to happen to get the economy really back on track, to get people like you to hire more people and get the unemployment rate lower. >> well, you know, i think that -- i think that it's going to go beyond ceos. i think we're hearing it from our customers. earthlink spends a lot of time
yeah, we're going to cut the deficit. yeah, we're going to do this but they don't do anything. >> i'm not really sure. what i do know is that watching this has just -- it seems like we're watching an accident in slow motion. there is no question that we have to put in place entitlement reform a chamging the tax code if we're going to have sustainable long-term economic xwroerkts and from where i sit that's the only thing that makes the math work. >> but the actions don't meet those...
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Jan 25, 2013
01/13
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now. >> ron, harry says we're on an unsustainable debt accumulation phase right now. >> the budget deficit is coming down as a percentage of gdp and will continue to do so. we're likely to get a resolution on the budget. it won't be what we want, won't be simpson bowles. if you look at what happened with the banks in europe which repaid the european central bank more money than thought was possible in only a year on a three-year lending facility europe is actually although it is going slow healing itself. the u.s. is actually in very good shape. you take the government out of the equation in terms of the percentage of gdp and a very good economist said the private sector economy last year threw 3%. profits will continue to go higher. yes the markets do peak ahead of the economy but we're not seeing the types of divergences we saw in 2007 and 2008 that would lead anyone to worry about, one, the market or, two, the economy. >> harry, do you want to rebuff? >> yes. we're not seeing -- we started to see the divergences in mid 2012 but qe3 changed that. i agree with ron we are not seeing those
now. >> ron, harry says we're on an unsustainable debt accumulation phase right now. >> the budget deficit is coming down as a percentage of gdp and will continue to do so. we're likely to get a resolution on the budget. it won't be what we want, won't be simpson bowles. if you look at what happened with the banks in europe which repaid the european central bank more money than thought was possible in only a year on a three-year lending facility europe is actually although it is...
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Jan 23, 2013
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so the energy demand and energy supply and infrastructure deficit is there. and you know, we see, you know, doubling of energy demand over the next decade. and that's going to continue fueling the name for -- >> you see that sort of energy demand then. how are you reacting in terms of what your investment strategy is going to be, your production strategy? >> we've been in asia for just over 40 years. and leighton is one of the few companies with a full economic footprint off of asia. we continue to export services where we can extract value. we're excited about the opportunities we see, especially in countries such as indonesia. >> just talk about australia. we heard inflation, a little weaker than expected today. mr. swann from rbc says there's potentially room to cut rates. do you think they need to? what's your view of the economy? >> i think the big issue for us that we're seeing affecting a lot of businesses is the strong australian dollar. and i think companies need to adjust to a new norm of having a stronger dollar and what does that mean and how can
so the energy demand and energy supply and infrastructure deficit is there. and you know, we see, you know, doubling of energy demand over the next decade. and that's going to continue fueling the name for -- >> you see that sort of energy demand then. how are you reacting in terms of what your investment strategy is going to be, your production strategy? >> we've been in asia for just over 40 years. and leighton is one of the few companies with a full economic footprint off of...
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Jan 24, 2013
01/13
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and it's not blaming the deficit. we don't want that. but it is constructive action in a couple key areas. >> we can't keep doing austerity, austerity, austerity and not see an impact. >> thank you so much. >> kelly. >> ross and maria, thank you so much for that. seeing a slowdown broadly in europe, france, even in poland there. getting the on-the-ground take of what's going on. >>> apple losing its shine. shares down 10% after hours on disappointing earnings. china p mi is up to a two-year high in january. france is slowing while germany continues to power ahead. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. overmany discounts to thine customers! [old english accent] safe driver, multi-car, paid in full -- a most fulsome bounty indeed, lord jamie. thou cometh and we thy saveth! wh
and it's not blaming the deficit. we don't want that. but it is constructive action in a couple key areas. >> we can't keep doing austerity, austerity, austerity and not see an impact. >> thank you so much. >> kelly. >> ross and maria, thank you so much for that. seeing a slowdown broadly in europe, france, even in poland there. getting the on-the-ground take of what's going on. >>> apple losing its shine. shares down 10% after hours on disappointing earnings....
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Jan 22, 2013
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account deficits. these are the things that really matter. and they're just kind of big macros. so they divide them down to a single session or a quick abrupt move. but they're the real flows in the global economy that are going to matter going forward. >> yeah, all right. i'm staying long. i'm staying long, kevin. >> well, we think last year we gave it a bite on the cheek. but that's going to be a lot harder this year, joe. and one of the things you're pointing out are extremely high gdp. and so the big thing this year is to make the switch. the customers are now the employees. the employees are the future customers. so you've got to keep the growth and accelerate the growth in employment over the 1.25/1.50 that we're doing if we're going to keep the equity market going in the direction that it has been for the past two years. >> all right, kevin ferry. thank you. >> is that a phone ringing down there, kevin? >> yeah. someone is trying to get to their broker. >> it would ring and ring and ring. >> tha
account deficits. these are the things that really matter. and they're just kind of big macros. so they divide them down to a single session or a quick abrupt move. but they're the real flows in the global economy that are going to matter going forward. >> yeah, all right. i'm staying long. i'm staying long, kevin. >> well, we think last year we gave it a bite on the cheek. but that's going to be a lot harder this year, joe. and one of the things you're pointing out are extremely...
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Jan 25, 2013
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but it's mainly tax hikes, no serious spending, no serious deficit reduction and not pro economic growth. keep dreaming on that one. speaking of dreams. the 787 treatment liner can't wake up from the nightmare. still grounded and no end in sight. when does this start to really take a bite out of boeing. this is not a pr problem, this is an airplane problem. now, almost six weeks after the heinous mass murder in newtown, connecticut senator diane feinstein unveiled an off the chart over the chart outrageous violation of the second amendment pandemic she wants to ban 150 types of firearms and eventually end the supply of all weapons. she says she's ready for the fight. take a listen. >> we have had enough. these weapons do not belong on the streets of our towns, our cities, in our schools, in our mall, in our workplaces, in our movie theaters. enough is enough. we can win this. >> all right. the nra, however, says not so fast saying in a statement this afternoon quote senator feinstein has been trying to ban guns from law-abiding citizens for decades. they add the american people know gun
but it's mainly tax hikes, no serious spending, no serious deficit reduction and not pro economic growth. keep dreaming on that one. speaking of dreams. the 787 treatment liner can't wake up from the nightmare. still grounded and no end in sight. when does this start to really take a bite out of boeing. this is not a pr problem, this is an airplane problem. now, almost six weeks after the heinous mass murder in newtown, connecticut senator diane feinstein unveiled an off the chart over the...
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Jan 28, 2013
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that europe has. >> right. >> you hear a lot of bad press about europe but europe has a deficit and i want to be exposed to the euro. mostly because i think that the policies of the federal reserve is identical to those of european central bank and euro has been doing very well. and i think, i smell, everybody is bearish on something. but the story doesn't match the numbers. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and if it is, how do you explain to people to protect themselves? >> unless people have been burned, you can't convince them to get protected. and tail risks have traditionally been cheap depending on which tail. and what people fail to understand is that owning tail protection allows me to take risk elsewhere. it is not like what i spend on the tail is the overall package. it is very favorable when you have equities more attractive than bonds and other things. you need spend premium. the money i get from dividend and hedges and that's why i henl myself and i don't have to worry about anything. deep out of the mon
that europe has. >> right. >> you hear a lot of bad press about europe but europe has a deficit and i want to be exposed to the euro. mostly because i think that the policies of the federal reserve is identical to those of european central bank and euro has been doing very well. and i think, i smell, everybody is bearish on something. but the story doesn't match the numbers. >> bob pisani, good to see you again. in the 2008 crash, is risk in your opinion still underpriced. and...
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Jan 22, 2013
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the deficit reduction comes because they raise taxes and they cut medicare. had nothing to do with medicaid, right, and the states themselves have to deal -- i mean, we all talk about what it meant for the individual but there was another part, medicare that got stuffed down the throats of the states and they have to take -- they have to spend this money at the -- >> they don't have to do it, right. the supreme court ruled they could opt out which is what governor perry is doing and bobby jindal is doing in louisiana and what's happening in south carolina, and those are governors. if you're a governor and you're looking at this, it makes perfect sense for you to take this because it does draw in, again in, jan brewer's case, ten times the amount of federal funds, so if governors are choosing to not do this, then it is a partisan game because it makes no economic sense. for them their self-interest is to do this. >> but for a program that -- that the president has admitted, everyone is admitting spending too much money, we have potentially 30% of the health ca
the deficit reduction comes because they raise taxes and they cut medicare. had nothing to do with medicaid, right, and the states themselves have to deal -- i mean, we all talk about what it meant for the individual but there was another part, medicare that got stuffed down the throats of the states and they have to take -- they have to spend this money at the -- >> they don't have to do it, right. the supreme court ruled they could opt out which is what governor perry is doing and bobby...
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Jan 22, 2013
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but the deficit has to be dealt with. and it needs to be dealt with in a matter of months. >> i guess the question, jim, here, is are they sort of sandbagging or preparing us for the worst? they did have to slash 2012 in october, so maybe they're preempting -- >> you come on tv, you've got to be statesman-like. you can't come in here and say, look, i think it's going to be good. she's just saying -- she's writing off europe. i think europe is stabilizing. they get a turn in asia. tio-2 was a disappointment. i think it's troughing. latin america really strong. ag really strong. i think it's actually gotten its groove back. >> in terms of the chemicals, performance chemicals were down by 15%, sales, electronics, communications also down. ag you mentioned, bright spot, up 18%. they've been talking for a long time about strong demand in latin america for seeds, which have been an add to the other agricultural names, like monsanto. >> finally you can see it. one of the things of the great ceo of ppg, he's been saying, some of
but the deficit has to be dealt with. and it needs to be dealt with in a matter of months. >> i guess the question, jim, here, is are they sort of sandbagging or preparing us for the worst? they did have to slash 2012 in october, so maybe they're preempting -- >> you come on tv, you've got to be statesman-like. you can't come in here and say, look, i think it's going to be good. she's just saying -- she's writing off europe. i think europe is stabilizing. they get a turn in asia....
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Jan 21, 2013
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that's over $2 trillion in deficit reduction over ten years. doesn't get us all the way there, but it does get us largely about two-thirds of the way there to debt stabilization, at least within a ten-year budget window. >> russ, what do you think? of course, we are approaching this with caution. we know that there's going to be more back and forth. in the middle of it all, we have earnings season. you know, already some people are saying that this anticipation of all of these cliffs, cliff after cliff, has already impacted the earnings period. what are you looking at? what are you seeing from the fourth quarter reporting season so far? it's been a big week obviously this week for financials. >> we're seeing decent performance. i think compliments to corporate america. they've been able to grind out strong earnings growth with a relatively weak recovery. margins remain much higher than people thought. this has helped. we're seeing a recovery in the rest of the world. that's also helped. i think it's going to be a decent year. i don't think the
that's over $2 trillion in deficit reduction over ten years. doesn't get us all the way there, but it does get us largely about two-thirds of the way there to debt stabilization, at least within a ten-year budget window. >> russ, what do you think? of course, we are approaching this with caution. we know that there's going to be more back and forth. in the middle of it all, we have earnings season. you know, already some people are saying that this anticipation of all of these cliffs,...
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Jan 28, 2013
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i think you're going to contract the budget deficit, but not a lot. if you look at what has happened, you could have had a more significant sequestration kick in january 1st. but at the 11th hour, everybody backed off that so you didn't get that outcome. at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't think you're going to be looking at a balanced budget so soon. you can't sustain trillion dollar deficiter year after year after year doubling the debt so many years and still think that the market is going to accept that over time. they know the market needs to move away from this, but it's going to away longer process. >> kevin and mike will be with us for the rest of the hour. >> and it's time for the global markets report. kelly evans is standing by in london. i could string up a lot of thing to talk to you about, kelly. you're very close to davos. i don't k
i think you're going to contract the budget deficit, but not a lot. if you look at what has happened, you could have had a more significant sequestration kick in january 1st. but at the 11th hour, everybody backed off that so you didn't get that outcome. at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't...
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Jan 23, 2013
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she goes on to say we've taken good steps around the debts but the deficit has to be dealt with and it needs to be dealt with in a matter of months. oh golly. down goes dupont in pre-market trading. within a few minutes she tells me that all anyone is focused on is the country is doing pretty darned good especially in latin america. with that commodity in question, a stock that had been sinking now reverses and ends up flying up as it should have won the earnings were first reported. one of the best performing stocks in the dow. again, a huge move for this one. believe me, if these were just isolated examples i would be fine with them, but they are par for the course and there are so many better like this, you can see what i regard all this trading off the headlines, without people really looking, to be fraught with calamity and chances for you to lose money with almost every twist and turn. i sure liked the look of ibm and google earnings and i love the way the stock traded after the close, but until i hear the conference calls myself i am not going to pronounce them as terrific as th
she goes on to say we've taken good steps around the debts but the deficit has to be dealt with and it needs to be dealt with in a matter of months. oh golly. down goes dupont in pre-market trading. within a few minutes she tells me that all anyone is focused on is the country is doing pretty darned good especially in latin america. with that commodity in question, a stock that had been sinking now reverses and ends up flying up as it should have won the earnings were first reported. one of the...
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Jan 25, 2013
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how debt, deficits, competitiveness, experts, current accounts, where a year ago? so all in all, i think that's the first thing that happened. and governments ought to be given credit for what they did. but there's a second factor that for the first time in many years is a process of i would say of restarting, re-engineering european reintegration got momentum. there are certain interest and similarities that lead us back to the late '80s, early '90s when the euro was conceived. many commitments that have been undertaken by the european leaders in 2012 had a date like you remember the law passed to the euro with date, there was a calendar and so on. there was a practice that had been been abandon and it's been resurrected by the leaders at the june summit. that summit has an importance which will continue to remain with us for a long time. so there has been substantial progress at the euro area governance level. and the third thing, of course, is the action and the actions undertaken by the ecb. we not only cut rates three times, we changed the collateral rules. we
how debt, deficits, competitiveness, experts, current accounts, where a year ago? so all in all, i think that's the first thing that happened. and governments ought to be given credit for what they did. but there's a second factor that for the first time in many years is a process of i would say of restarting, re-engineering european reintegration got momentum. there are certain interest and similarities that lead us back to the late '80s, early '90s when the euro was conceived. many...
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Jan 24, 2013
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we've run trillion dollar annual deficits. we used to go crazy if it was 100 billion or 150 billion deficit. so we need to get back to a point where we are outraged by that mismatch between what we spend and what we take in. >> we should be outraged by when you say shouldish growth, that that's okay. because that's not okay. >> that holds down growth. that holds down the ability to help these people, get them jobs and solve these problems. the people who've been hurt the worst in the last four years are the ones who most need the jobs. >> they talk about helping the most. >> so you have to be concerned about that. again on the optimistic side, we have an engine here that nobody else in the world, i believe, has. >> happens in spite of all this. you think fracking happened because of the government? >> right. >> you think that the move to natural gas happened -- we were playing around with wind mills and solar. >> which would actually disadvantage us relative to the rest of the world and not solve the problems. we do need long-
we've run trillion dollar annual deficits. we used to go crazy if it was 100 billion or 150 billion deficit. so we need to get back to a point where we are outraged by that mismatch between what we spend and what we take in. >> we should be outraged by when you say shouldish growth, that that's okay. because that's not okay. >> that holds down growth. that holds down the ability to help these people, get them jobs and solve these problems. the people who've been hurt the worst in...
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Jan 29, 2013
01/13
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fiscal problems, the economic signel will end with sharp dollar drop, inflation, interest rate rise and deficit surge. what tyler told you we were going to tell you, the biggest threats out there. europe plunged. michelle is going to have a different idea about that. right now it's plunged down to one of the lower threats on our gauge here. other 12%, political miscalculations, gridlock, fiscal overkill and china. slow job growth 20% and the biggest threat out there now, roll the drums, there it is, 22% saying tax and regulatory policy. congress getting the fiscal side wrong, tax side wrong, getting in the way, messing this up. otherwise there's pretty good agreement that some of the worst threats coming off. >> when we look at the forecast for growth in the out month, out years, how accurate do those forecasts turn out to be, close? >> it's interesting, the reason we do this, everyone asks me how accurate. i don't care. what i want to know is what is the consensus on wall street for what the growth will be, so i know a surprise that comes along that may not be surprised in the market. that's w
fiscal problems, the economic signel will end with sharp dollar drop, inflation, interest rate rise and deficit surge. what tyler told you we were going to tell you, the biggest threats out there. europe plunged. michelle is going to have a different idea about that. right now it's plunged down to one of the lower threats on our gauge here. other 12%, political miscalculations, gridlock, fiscal overkill and china. slow job growth 20% and the biggest threat out there now, roll the drums, there...
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Jan 22, 2013
01/13
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we had a bad situation a couple years ago with the deficit recession. the hotel business suffered dramatically. over the past couple of years, we've climbed out of it and had dramatic recovery in 2010, 2011 and 2012. we think we're still in a good spot in the recovery. we have a situation where demand is strong for the hotel business and supply is low and should stay low for a couple years. our perspective is it's a good time to be in the hotel business. >> is he right? >> right now there's a three-point spread between supply and the industry. very low supply means cycles should be longer. we're moving into the 37th month of recovery. our expectation is this will be a prolonged recovery. >> somebody told me another four years. the second days of the cycle is when occupancies are high, rate growths are high and profit growth is considerable. so you're entering into a healthy phase. >> the other -- apart from buying and selling properties, the other decision you have to make is whether or not you will stand on your own, brand your own hotels, or pay hilto
we had a bad situation a couple years ago with the deficit recession. the hotel business suffered dramatically. over the past couple of years, we've climbed out of it and had dramatic recovery in 2010, 2011 and 2012. we think we're still in a good spot in the recovery. we have a situation where demand is strong for the hotel business and supply is low and should stay low for a couple years. our perspective is it's a good time to be in the hotel business. >> is he right? >> right now...
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Jan 23, 2013
01/13
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. >> so guys, get ready for another political fight here in washington over spending and deficits. but it is not a fight over the debt ceiling, it is a fight over sequestering. back to you. >> all right, eamon, thank you very much. >>> it is patriotic wednesday here on "street signs." why not? american stock market has been taking names, lately. in fact, look at the global market over the last two years. china market, hong kong market, anyway. down. germany, only up 9% over two years. but look at good old u.s. of a., folks. that's up 16%. but let's find out why. joining us now is pimco head of corporate bonds, morningstar's 2012 bond fund manager of the year. he is man that when he bestrides the trading floor, they play america the beautiful, mark. we appreciate it. we know that stocks and bonds only go up for wrun one reason, right? so why have so many people around the world been interested in buying american lately? >> well, i think that's true of houses. you nailed it. basically the demand is sko exceeding the supply. inventory is a perfect forward looking indicator of where pr
. >> so guys, get ready for another political fight here in washington over spending and deficits. but it is not a fight over the debt ceiling, it is a fight over sequestering. back to you. >> all right, eamon, thank you very much. >>> it is patriotic wednesday here on "street signs." why not? american stock market has been taking names, lately. in fact, look at the global market over the last two years. china market, hong kong market, anyway. down. germany, only...
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Jan 26, 2013
01/13
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here's an organization that the president has increased the funding by in this time of record deficits by $30 million since he took office, yet we have fewer people in unions. take the person he appointed, richard griffin, who is now under investigation for federal racketeering when he was the head of the general counsel at the operating engineers. so this is going to shine a big spotlight on an organization that has been out doing some pretty troubling things to american business. >> now, the other -- the two other pieces real quick, richard cordray, who is kind of a follower of elizabeth warren on this consumer financial protection board, an anti-bank regulation guy, his appointment may go down because it was made during the recess. >> the reason for the appointments was to get a quorum. he's trying to get him reconfirmed but he's trying to change the definition of a recess. it's understood to mean once the session is over. >> over, over. like end of year over. >> they take a recess every day for lunch. you'd -- >> no, not true. the senate adjourns for lunch. that's different. >> are
here's an organization that the president has increased the funding by in this time of record deficits by $30 million since he took office, yet we have fewer people in unions. take the person he appointed, richard griffin, who is now under investigation for federal racketeering when he was the head of the general counsel at the operating engineers. so this is going to shine a big spotlight on an organization that has been out doing some pretty troubling things to american business. >>...
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Jan 24, 2013
01/13
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now that the fiscal cliff is solved, somewhat, it is now moved on to worry about the budget deficit. noting that it faces the quote uncertainty of sequestering. my guess is they may be the first company to say that and they will not be the last. back to you. >> up next on "street signs" -- >> all right, herb. you know what, buddy. with these ears, i will say something i've never said in my life. i can't hear you. i would like to engage, but i can't. now we will go to a quick break. again, waiting on the president. new scc chairman. update on boeing. shake up at the nyse. >> what else? >> lots of things coming up. i will also duck out early because i'm doing "closing bell" as well as the new york stock exchange. >> wow, so repeating everyday. >> it really is. >> it is. fantastic. we are back right after this. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national le
now that the fiscal cliff is solved, somewhat, it is now moved on to worry about the budget deficit. noting that it faces the quote uncertainty of sequestering. my guess is they may be the first company to say that and they will not be the last. back to you. >> up next on "street signs" -- >> all right, herb. you know what, buddy. with these ears, i will say something i've never said in my life. i can't hear you. i would like to engage, but i can't. now we will go to a...
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Jan 28, 2013
01/13
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i think what's fundamentally different is that japan is actually seeking to pursue a budget deficit approach. they are effectively a trade surplus, budget surplus country. they are really pushing a weaker yen. this is leading to mass currency war talk. this is a big theme in davos, something that we've been hearing out of the emerging market countries. what is interesting now, a couple of the places like brazil and south africa, have inflation issues and they cannot weaken their currency that much. i think we continue to hear this. i don't think the move on the yen abait bates until we get to dollar. >> and if we get to that point, that could be good for the japanese automakers. they reported record global sales today. general motors was unseemeded at the world's largest car maker by toyota, which sold almost 10 million cars. are japanese car makers getting unfair advantage? matt blount is the president of the american automotive policy council and the former republican governor of missouri. pleasure to have you with us. >> thank you. >> and you penned a letter to the obama administration, a
i think what's fundamentally different is that japan is actually seeking to pursue a budget deficit approach. they are effectively a trade surplus, budget surplus country. they are really pushing a weaker yen. this is leading to mass currency war talk. this is a big theme in davos, something that we've been hearing out of the emerging market countries. what is interesting now, a couple of the places like brazil and south africa, have inflation issues and they cannot weaken their currency that...
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Jan 24, 2013
01/13
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who claims the golden state will only clear the deficit but will have a billion dollar surplus a year later. last month the day took in a single day record for personal income taxes. $2.2 billion on one day. mostly from those who play quarterly. however this could be front loading as people declared income and took capital gains ahead of higher federal coxs. even so the budget holds items but increased education spenting. >> fiscal discipline is not the enemy of our good intentions but the basis for realizing them. it is cruel to lead people on by expanding good programs only to cut them back when the funding disappears. this is not progress. it is not even fro greprogressi. it is an illusion. boom and bust serves no one. we're not going back there. >> however, the governor hasn't said how he will pay for medicare expansion under obama care. he has proposed pushing that cost on to counties. >> i'm sure that would be unpopular with some counties. but nonetheless. jane, thank you very much. as the market rides,er with are looking inside several sectors, housing stocks in particular. and
who claims the golden state will only clear the deficit but will have a billion dollar surplus a year later. last month the day took in a single day record for personal income taxes. $2.2 billion on one day. mostly from those who play quarterly. however this could be front loading as people declared income and took capital gains ahead of higher federal coxs. even so the budget holds items but increased education spenting. >> fiscal discipline is not the enemy of our good intentions but...
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Jan 25, 2013
01/13
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there's a deficit that has to be paid off. and the measures you're talking about, technology and organizing the economy could take a long time to kick in. >> this is correct. but the main problem in greece was always state revenues. because they do not tax the rates. they allow tax evasion for the wealthy people but also the middle classes, up to a point. and this is a very big problem. if you look at the economic data you will see that the state revenue in greece is at least four digit points of the gdp lower than the european -- >> it needs to be better tax collection? >> yes. >> but i remember reading about the tax on swimming pools in greece. people refused to pay things like that, they think it's ridiculous. >> exactly. this is the problem. and we have a lot of corruption. and the last months, certain things became known that even living politicians were keeping data of people not paying taxes -- >> as far as -- >> they've got at least another list -- >> peel who had super bank accounts. what do you think of president oba
there's a deficit that has to be paid off. and the measures you're talking about, technology and organizing the economy could take a long time to kick in. >> this is correct. but the main problem in greece was always state revenues. because they do not tax the rates. they allow tax evasion for the wealthy people but also the middle classes, up to a point. and this is a very big problem. if you look at the economic data you will see that the state revenue in greece is at least four digit...
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Jan 22, 2013
01/13
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deficit, but without shredding programs like social security and medicare. you called for after overall of government. >> fort week, we understand the people we believe america's prosperity must rest upon the broad shoulders of a riegz middle class. >> mary jo jacoby was former special assistant to reagan. she joins us now. mary jo, good morning. i'm getting you had a few problems with what we heard from the president yesterday. >> well, kelly, it wasn't exactly the inaugural address that i would have written, but, you know, the president delivered it well. the crowd reacted enthusiastically, and now it's time for the nation to get to work. >> what about, mary jo, this sense of coming together, which is the great hope that obama would unite the country? i think people have gotten cynical about those prospects. is that right? >> i think the tone has certainly changed over the last four years and also if inaugural address yesterday, it was not exactly a hands across america speech. >> a lot of people were criticizing the speech for being general. inaugural add
deficit, but without shredding programs like social security and medicare. you called for after overall of government. >> fort week, we understand the people we believe america's prosperity must rest upon the broad shoulders of a riegz middle class. >> mary jo jacoby was former special assistant to reagan. she joins us now. mary jo, good morning. i'm getting you had a few problems with what we heard from the president yesterday. >> well, kelly, it wasn't exactly the inaugural...
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Jan 23, 2013
01/13
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don't you think we need -- >> we have to do something about the deficit and amount we're borrowing and the route goes through the social programs. >> the only route. knew can't solve it with these high levels. we had high levels like this before after world war i and it came to and and what's driving it now is the coast of these programs are out of hand. i'm a democrat and think these are good things to have. >> there you go. republicans don't think it's a good thing. >> no. i'm not arguing they ought to be cut back or slashed or makes the nanny state because people have access to medicare. they're so important to the structure of the country we have a moral obligation to make sure they're solid, properly funded, stable, sustainable over the long period and because they're an important part of the way people look at their lives. >> the big change is how people look at their lives a decade longer. if we address them now rather than waiting for home to blow up in our faces, these can be put in well in advance rather than waiting. you're not talking about people in these programs right no
don't you think we need -- >> we have to do something about the deficit and amount we're borrowing and the route goes through the social programs. >> the only route. knew can't solve it with these high levels. we had high levels like this before after world war i and it came to and and what's driving it now is the coast of these programs are out of hand. i'm a democrat and think these are good things to have. >> there you go. republicans don't think it's a good thing. >>...
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Jan 28, 2013
01/13
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that before, a boat load of the crisis, things the government has done and things changed regarding deficit and spending and baseline. it's a very rotten excuse. i remember an investigation into this industry several decades ago, trading after the bell was routinely done for decades, maybe close to 50 years. all of a sudden, people were caught and it didn't matter. it's not a defense it's always been done that way. this goes so much farther whether president clinton during impeachment giving his definition of the word "is," what we find is our tradition in this country have made a great rule of law is predicated on a constant culture by getting around the in tent whether section 2 article 2 of the constitution, that's the government. whether it's business, pre-credit crisis and bundling of derivatives. when the private sector does these things, it's horrible. where did they learn it from? any government. the government. isn't it time they stop making their own rules because that's not why people elected them and go by the constitution versus get around it because everybody including our kid
that before, a boat load of the crisis, things the government has done and things changed regarding deficit and spending and baseline. it's a very rotten excuse. i remember an investigation into this industry several decades ago, trading after the bell was routinely done for decades, maybe close to 50 years. all of a sudden, people were caught and it didn't matter. it's not a defense it's always been done that way. this goes so much farther whether president clinton during impeachment giving...
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Jan 23, 2013
01/13
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we're running multitrillion dollar deficits. we've gone from $10 trillion in debt to $16 trillion in debt in the first four years of this presidency, and we now recognize we got to save this president from himself, and we're not going to do it by nickel and diming every two months, three months, four months. we've got to lay out the vision for america that we have, how do we save ourselves from a debt crisis, and force the senate to put forward their view of how we save ourselves from a debt crisis. let the senate lay out its tax proposals. let the senate lay out its entitlement reforms if they have them. and then we can have an adult conversation once the senate passes its budget and the house passes its budget. >> right. but you say if they have them. what makes you think that there is any more fertile ground for reform this week or next week than there was at the end of last year. >> i agree with you that the senate hasn't had those ideas, which is why we're calling the senate's bluff today by saying pass a budget or don't ge
we're running multitrillion dollar deficits. we've gone from $10 trillion in debt to $16 trillion in debt in the first four years of this presidency, and we now recognize we got to save this president from himself, and we're not going to do it by nickel and diming every two months, three months, four months. we've got to lay out the vision for america that we have, how do we save ourselves from a debt crisis, and force the senate to put forward their view of how we save ourselves from a debt...
WHUT (Howard University Television)
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Jan 24, 2013
01/13
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WHUT
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this marks the annual deficit. the decline in exports was mostly due to the global economic slowdown triggered by the european debt crisis. exports to china also dropped significantly. relations between japan and its largest trading partner have been hurt by a trade dispute in the east china sea. this also has an impact on much of 2012 with the yen remaining at historically high levels. japanese products became less competitive overseas. exports such as televisions, semiconductors and ships all declined. >> translator: an exchange rate of 80 yen to the dollar is too strong for us to continue production in japan. >> reporter: while exports hacked, imports jumped. crude oil and liquefied natural gas or llg, they accounted for one-third of all imports. llg imports were more than 25% from 2011 levels. that's because the gas was needed to fuel the power plants. most nuclear plants in japan are offline for inspection from the march 11 disaster and crisis at fukushima daiichi. the prices also stayed high throughout the ye
this marks the annual deficit. the decline in exports was mostly due to the global economic slowdown triggered by the european debt crisis. exports to china also dropped significantly. relations between japan and its largest trading partner have been hurt by a trade dispute in the east china sea. this also has an impact on much of 2012 with the yen remaining at historically high levels. japanese products became less competitive overseas. exports such as televisions, semiconductors and ships all...
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Jan 25, 2013
01/13
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what we are spending our time talking about this deficit stuff in raising the crisis, raising the deficit, we are simply saying to the world, the first time america is not going to p pay. now, my question to you, mr. johnson is if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why have we suddenly decided that this is the time to do it? give me some understanding so the american people can understand why, after all these years since world -- since the first world war, i voted under george bush, both of them, to raise the debt limit. but now we're going to stop paying. please tell me why they are doing this. >> it's not a good idea and it's not the way the policy front of not just as world war i but go back to 171819 after the initial assumption of debt and the restructuring of debt, which alexander hamilton began proposing for this country. policy has been to always pay your debt and other obligations. and it took a long time to convince the world that the u.s. was the safest place to put your reserve assets or your ra
what we are spending our time talking about this deficit stuff in raising the crisis, raising the deficit, we are simply saying to the world, the first time america is not going to p pay. now, my question to you, mr. johnson is if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why have we suddenly decided that this is the time to do it? give me some understanding so the american people can understand why, after all these...
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Jan 23, 2013
01/13
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and reduce our deficit. then he went on to say on february 15 at the budget committee hearing -- quote -- "-- i think this was my question, was this accurate statement that you made, mr. mr. onchltd m.b. director. he said "it's an accurate statement that our current spending will not increase the debt. we've stopped spending money we don't have." i mean i almost can't read those words without the hair standing up on the back of my neck. the director of the office of management and budget appeared before the united states senate budget committee and he said it's an accurate statement, this, baloney, is an accurate statement that our current spending will not be increasing the debt, we've stopped spending money we don't have. nothing could be further -- the lowest single deficit was $600 billion. what about on a different cnn interview on february 14, -- quote -- "it, the budget, takes real actions now so that between now and five years from now we can get our deficit under control so that we can stabilize thi
and reduce our deficit. then he went on to say on february 15 at the budget committee hearing -- quote -- "-- i think this was my question, was this accurate statement that you made, mr. mr. onchltd m.b. director. he said "it's an accurate statement that our current spending will not increase the debt. we've stopped spending money we don't have." i mean i almost can't read those words without the hair standing up on the back of my neck. the director of the office of management...
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Jan 23, 2013
01/13
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we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as medicare, medicaid and social security. without reform, spending will remain on an unsustainable path while the medicare and social security trust funds are emptied before the majority of americans currently are paying in even qualified to become beneficiaries of those programs. today's legislation will allow us to work with the senate in achieving this long-term deficit solution we know would meet the needs of americans. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from michigan. mr. levin: i yield one minute to the
we need a -- $ trillion deficit. we need a -- $1 trillion deficit. we need a serious plan to address the deficit, however, the senate has gone nearly four years without passing an annual budget. taking a year by year approach and addressing only discretionary spending will not solve our long-term spending problem. we must take a comprehensive long-term approach to the federal budget, a comprehensive approach to spending must address the long-term solvency issues on entitlements such as...
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Jan 23, 2013
01/13
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. >> dÉficit en aumento los preocupantes datos que revela un estudio sobre el dÉficit de atenciÓn entre los niÑos. y el bebÉ de shakira nace el heredero de la cantante shakira en el noticiero telemundo. >> en josÉ dÍaz-balart para washington, dc despuÉs del gran dÍa de la inauguraciÓn presidencial en washington en el segundo mandato en medio de retos y compromisos entre ellos por supuesto en forma migratoria integral. en cuanto al lÍmite de la deuda siempre hay nuevas es nuestro clan de privilegio de extender una bienvenida a esta casa de oraciÓn para todos los pueblos. >> el dÍa lo comenzaron entre oraciones. y cÁnticos en la catedral de washington, aquÍ las oraciones se hicieron eco de la peticiÓn de obama que haya mÁs partidismo y cooperaciÓn, los partidarios confÍan en que habÁa concept conceptos. >> pedir a dios que serÁ mejor, como los 4 aÑos que no demostrÓ mucho, pero por lo menos sacÓ los 4 aÑos que tenÍa que sacar. >> Él hizo un buen trabajo, el congreso no lo deja trabajar. >> el presidente y la primera dama tomaron por sorpresa a quienes ellos le dier
. >> dÉficit en aumento los preocupantes datos que revela un estudio sobre el dÉficit de atenciÓn entre los niÑos. y el bebÉ de shakira nace el heredero de la cantante shakira en el noticiero telemundo. >> en josÉ dÍaz-balart para washington, dc despuÉs del gran dÍa de la inauguraciÓn presidencial en washington en el segundo mandato en medio de retos y compromisos entre ellos por supuesto en forma migratoria integral. en cuanto al lÍmite de la deuda siempre hay nuevas es...
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Jan 24, 2013
01/13
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KCSMMHZ
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this marks a second straight annual deficit. the decline in exports was mostly due to the global economic slowdown triggered by the european debt crisis. exports to china also dropped significantly. relations between japan and its largest trading partner have been hurt by a territory dispute in the east china sea. this also has an impact on much of 2012 with the yen remaining at historically high levels. japanese products became less competitive overseas. exports of major goods such as televisions, semiconductors and chips all declined. >> translator: an exchange rate of 80 yen to the dollar is too strong for us to continue production in japan. >> reporter: while exports hacked, imports jumped. particularly for energy resources such as crude oil and liquefied natural gas or llg. they accounted for one-third of all imports. lng imports charged more than 25% from 2011 levels. that's because the gas was needed to fuel power plants. most nuclear plants in japan are offline for inspection following the mar 11 crisis at the fukushima
this marks a second straight annual deficit. the decline in exports was mostly due to the global economic slowdown triggered by the european debt crisis. exports to china also dropped significantly. relations between japan and its largest trading partner have been hurt by a territory dispute in the east china sea. this also has an impact on much of 2012 with the yen remaining at historically high levels. japanese products became less competitive overseas. exports of major goods such as...
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Jan 29, 2013
01/13
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FBC
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the deficit-reduction will produce a stronger economy. economic growth and fiscal solvency especially in a situation where we have plans of dollars of unfunded liabilities with these entitlement programs. liz: the middle-class issue is the only way to fix these things, think secret the white house is keeping from the middle-class households. what do you say to that? >> senator kerry has it exactly right. if the economy is growing more rapidly than the debt, the site of the text doesn't particularly matter. thing is so distressing about the current situation is the growth in gdp is at a lower rate than the growth of the debt, that is the long-term problem we face in i if we don't solve that problem there isn't anything we can do to help the middle class and the lower class, anybody gets hurt when the economy is growing as slowly as this one is and we aren't focusing on that, wwe're instead on the extremes cutting the deficit, raising taxes, it is the growth of the economy that is the real answer to all these problems. liz: said we already
the deficit-reduction will produce a stronger economy. economic growth and fiscal solvency especially in a situation where we have plans of dollars of unfunded liabilities with these entitlement programs. liz: the middle-class issue is the only way to fix these things, think secret the white house is keeping from the middle-class households. what do you say to that? >> senator kerry has it exactly right. if the economy is growing more rapidly than the debt, the site of the text doesn't...
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Jan 23, 2013
01/13
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when we're spending our time here talking about the deficit stuff and raising the deficit we are simply saying to the world, for the first time america is not going pay its debts. my question to you, mr. johnson is this, if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why did we suddenly decide this the s the time to do it? give me the understanding so the american people can understand after all of these years under the first world war i voted under president bush, both of them to raise the debt limit. but now we're going to stop paying. please tell me why they're doing this? >> congressman, it's not a good idea and it was not the way policy was run. go back to 1789, after the restructuring of debt which alexander hamilton began fiscal government in this country. it took a long time to convince the world that the u.s. was the safest place to put your reserve assets or your rainy day money. it was a great achievement but now it is being thrown away for what i presume some negotiating purposes which makes no sense.
when we're spending our time here talking about the deficit stuff and raising the deficit we are simply saying to the world, for the first time america is not going pay its debts. my question to you, mr. johnson is this, if this was such a good idea, why haven't we done it before? we could have saved a lot of money by not paying our debts. why did we suddenly decide this the s the time to do it? give me the understanding so the american people can understand after all of these years under the...
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you don't need the deficits at zero. you don't need the balance. and in fact, the difference between a small deficit to 2, 2 and a half percent of gdp, if the difference was if you shorted funding for education and highways and roads and bridges and basic scientific research, you would probably have a smaller economy in the long run, not a bigger one. because you would have starved the very kind of investments you need to fuel long-term productivity increases and growth in the economy. >> all right, this is a crucial point that you can -- by cutting too much now and not making investments in your future you can actually hurt long-term growth and make long-term deficits higher. bob greenstein, always good to see you. >> my pleasure. >>> john boehner says president obama is trying to annihilate the republican party. but up next, i'll explain why the gop is kind of doing a good job of it itself. and on that path, some republicans are trying to gerrymander it. some are saying we can't change the rules of the presidential election just because we lost o
you don't need the deficits at zero. you don't need the balance. and in fact, the difference between a small deficit to 2, 2 and a half percent of gdp, if the difference was if you shorted funding for education and highways and roads and bridges and basic scientific research, you would probably have a smaller economy in the long run, not a bigger one. because you would have starved the very kind of investments you need to fuel long-term productivity increases and growth in the economy. >>...
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and more importantly, businesses know we have to close this deficit. businesses know we can't keep spending money we just don't have. businesses budget. washington hasn't had a budget for four years. the president and his party have been in charge of washington during this time. they have not budgeted for four years. and businesses know that you can't operate an enterprise, let alone the federal government, without budgeting. >> let me have you respond to this other argument about entitlements, about the role of government. and the president really launched it as part of his inaugural address when he said this. >> we recognize that no matter how responsibly we live our lives, any one of us, at any time, may face a job loss or a sudden illness or a home swept away in a terrible storm. the commitments we make to each other through medicare and medicaid and social security, these things do not sap our nation. they strengthen us. they do not make us a nation of takers. they free us to take the risk that make this country great. >> now that line of attack,
and more importantly, businesses know we have to close this deficit. businesses know we can't keep spending money we just don't have. businesses budget. washington hasn't had a budget for four years. the president and his party have been in charge of washington during this time. they have not budgeted for four years. and businesses know that you can't operate an enterprise, let alone the federal government, without budgeting. >> let me have you respond to this other argument about...